The bill enacted by the General Assembly of the State of Vermont aims to enhance buyer awareness regarding flood risks associated with real property purchases. It introduces new requirements for sellers to disclose specific information to buyers prior to or as part of a contract for the conveyance of real estate. Notably, the bill repeals previous requirements related to the property's location in Federal Emergency Management Agency (FEMA) mapped flood hazard areas and instead mandates that sellers provide a physical or electronic copy of the official flood insurance rate map or a notice if such a map is unavailable. Additionally, sellers must disclose whether the property has experienced flooding or flood damage while in their possession and whether they are required to maintain flood insurance.

The bill also outlines the consequences for sellers who fail to provide the required information, allowing buyers to terminate the contract and seek damages, including punitive damages if the seller knowingly withheld information. Furthermore, it clarifies that sellers are not liable for inaccuracies based on information from public bodies or licensed professionals, and noncompliance with these disclosure requirements will not affect the marketability of the property's title. The act is set to take effect on September 1, 2025.

Statutes affected:
As Introduced: 27-380
As Passed By the House -- Official: 27-380
As Passed By the House -- Unofficial: 27-380
As Passed by Both House and Senate -- Official: 27-380
As Passed by Both House and Senate -- Unofficial: 27-380
As Enacted: 27-380